Barry Callebaut AG negotiations with Natra SA on track

The Spanish food company Natra SA has announced that it has scrapped its plan to halve its stake in affiliate Natraceutical to 25%. In a statement to the Spanish stock exchange regulator, Natra SA , which currently has 50.4% of Natraceutical said the decision was part of an agreement reached with Barry Callebaut AG. Natra had said in March that it would end June with a reduced stake in Natraceutical, which would cut its debt. Natra is in the process of talks with Barry Callebaut to acquire the Swiss chocolatier's European consumer business, Stollwerck.

On the occasion of Natra's annual general meeting of shareholders scheduled to take place on June 30, 2009, Natra will propose to its shareholders several measures in view of the envisaged transaction with Barry Callebaut. For the time being, Natra's proposals to its shareholders do not reflect any binding agreement between the two parties.

Negotiations are on track and scheduled to conclude by the end of June 2009, Barry Callebaut AG said. The signing and closing of the transaction will be subject to a number of conditions and approvals, including approval of the competent organs of the two parties, of all relevant authorities and secured financing. Subject to these conditions, the transaction is expected to be effective as of the beginning of September 2009. Barry Callebaut will be a minority shareholder of the combined European consumer business, called Natra Chocolates.

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